Terry Motau may face legal backlash over VBS fraud report

Advocate Terry Motau compiled the report titled 'The Great Bank Heist' which details how R1.8 billion was brazenly stolen from the mutual bank.

FILE: Picture: VBS Mutual Bank Facebook page

JOHANNESBURG - The author of the investigation into VBS Mutual Bank may face legal backlash as many of those implicated, including the brother of Economic Freedom Fighters (EFF) deputy president Floyd Shivambu, say they weren't given an opportunity to respond.

In the past two days, the Limpopo based bank has been thrust back into the spotlight with revelations of extensive looting involving the bank's executives, high profile politicians, auditors and the Venda king.

Advocate Terry Motau compiled the report titled The Great Bank Heist which details how R1.8 billion was brazenly stolen from the mutual bank.

However, amid calls for greater accountability and swift action, it's unclear when or even if they'll be criminally prosecuted.

EFF deputy chairperson Floyd Shivambu's brother, Brian, released a statement on Thursday afternoon denying ever receiving money from VBS and has threatened legal against those who compiled the report.

He has admitted that he worked for Vele Investments, which was a majority shareholder at the bank, and benefitted from the fraud.

He says that Vele Investments told him that since it banks with VBS, he must also open an account to facilitate payments.

So he admits receiving money from VBS but his explanation is that receiving money through the bank doesn't mean it was the bank paying him.

He also complains that those who investigated the corruption at VBS never called him to get his side of the story.

At this point, there has not been any reaction from Floyd Shivambu, although, he did post his brother's statement on Twitter yesterday.

We are expected to hear more from the EFF during a scheduled briefing on Tuesday.

The Mail & Guardian is, however, reporting on Friday morning that screenshots of text messages believed to be between Shivambu and a businessperson with questionable links to the Public Investment Corporation (PIC), suggests a direct association between Shivambu and his brother Brian's business.

The ANC has reacted during a press briefing at Luthuli House yesterday, where head of elections, Fikile Mbalulu, said that the party realised it had disappointed South Africans but that it would act swiftly to deal with leaders implicated in the VBS scandal the same way it did with former Finance Minister Nhlanhla Nene.